Mortgage companies cut more jobs in O.C.

JPMorgan Chase said it will close its office at 1833 Alton Parkway in Irvine by March 10. ASSOCIATED PRESS, TIMUR EMEK

The improving housing market continues to translate into layoffs for local mortgage companies. They are winnowing ranks as rising interest rates lessen refinancing activity and fewer delinquencies decrease the need for specialized servicing.

JPMorgan Chase said it will close its office at 1833 Alton Parkway in Irvine by March 10, a move that will affect up to 168 employees involved in mortgage servicing. Chase is “trying to find new jobs for people elsewhere within the company and in some cases at other companies as well,” said Chase spokeswoman Suzanne Ryan.

“Fewer homeowners are struggling with their mortgages and many people have already refinanced, taking advantage of the stronger economy and historically low rates,” Chase said in a statement.

Genpact Mortgage Services Inc., which handles mortgage servicing and loan origination, said it will cut as many as 81 workers from its Irvine office at 15420 Laguna Canyon Rd. by Feb. 17. Genpact spokeswoman Gail Marold said the company will offer severance to affected employees who haven't found another position by that time.

In Brea, Bank of America is eliminating as many as 24 mortgage servicing positions from its office at 275 Valencia Ave. by Jan. 19. Bank of America said it would work with employees “to identify opportunities both inside and outside the bank.”

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